TBC Bank Group PLC ("TBC Bank") Announces 1H and 2Q 2017 Consolidated Results
August 21 2017 - 4:29AM
TBC Bank Group PLC
("TBC PLC") Announces 1H and 2Q 2017
Consolidated Results: Underlying[1] Net Profit
for 1H 2017 up by 45.6% YoY to GEL 184.4 million
Underlying1 Net Profit for 2Q 2017 up by 37.2% YoY
to GEL 86.3 million
The European Union
Market Abuse Regulation EU 596/2014 requires TBC Bank Group PLC to
disclose that this announcement contains Inside Information, as
defined in that Regulation
Financial Highlights
2Q 2017 P&L
Highlights
-
Underlying1 net profit amounted to GEL 86.3
million (2Q 2016: GEL62.9 million; 1Q 2017: GEL 98.1 million)
-
Reported net profit amounted to
GEL 79.9 million (2Q 2016: GEL 80.5 million; 1Q 2017: GEL 96.6
million)
-
Underlying1 return on
equity (ROE) amounted to 20.4% (2Q 2016: 19.9%; 1Q 2017:
24.6%)
-
Reported return on equity (ROE)
amounted to 18.9% (2Q 2016: 25.5%; 1Q 2017: 24.2%)
-
Underlying1 return on
asset (ROA) amounted to 3.2% (2Q 2016:3.8%; 1Q 2017:3.7%)
-
Reported return on asset (ROA)
amounted to 3.0% (2Q 2016:4.9%; 1Q 2017: 3.7%)
-
Total operating income for the period was up by
32.9% YoY (up by 9.1% YoY to GEL 170.1 million without the Bank
Republic estimated contribution) and by 1.8% QoQ to GEL 207.1
million
-
Underlying1 cost to
income ratio stood at 41.2% (2Q 2016: 41.7%; 1Q 2017: 39.8%)
-
Reported cost to income was
44.9% (2Q 2016: 45.1%; 1Q 2017: 40.8%)
-
Cost of risk on loans stood at 1.3% and
increased by 0.2 pp YoY. QoQ cost of risk remained stable at
constant currency rate
-
Net interest margin (NIM) stood at 6.8% in 2Q
2017, down by 1.1 pp YoY and up by 0.2 pp QoQ
-
Risk adjusted net interest margin (NIM) stood at
5.3% in 2Q 2017(2Q 2016: 6.7%; 1Q 2017: 5.1%)
1H 2017 P&L
Highlights
-
Underlying1 net profit
was up by 45.6% YoY to GEL 184.4 million, delivering ROE without
one-offs of 22.5% (1H 2016: 20.4%)
-
Reported net profit was up by
26.7% YoY to GEL176.4 million, delivering ROE of 21.5% (1H 2016:
22.5%)
-
Underlying1 ROA was 3.5%
(1H 2016: 3.8%)
-
Reported ROA was 3.3% (1H 2016:
4.2%)
-
Total operating income for the period was up by
36.4% YoY to GEL 410.6 million (up by 11.4% YoY to GEL 335.3
million without the Bank Republic estimated contribution
effect)
-
Underlying1 cost to
income ratio stood at 40.5% (1H 2016: 41.0%)
-
Reported cost to income stood
at 42.8% (1H 2016: 44.7%)
-
Cost of risk on loans stood at 1.1% unchanged
from 1H 2016
-
Net interest margin (NIM) stood at 6.7% (1H
2016: 7.8%)
-
Risk adjusted net interest margin (NIM) stood at
5.3% (1H 2016: 6.5%)
Balance Sheet
Highlights as at 30 June 2017
-
Total assets reached GEL 11,280.8 million as of
30 June 2017, up by 66.6% YoY and 8.9% QoQ
-
Gross loans and advances to customers stood at
GEL 7,386.4 million as of 30 June 2017, up by 56.8% YoY (up by
30.8% YoY to 6,160.4 million without the Bank Republic estimated
contribution effect) and up by 3.7% QoQ
-
Net loans to deposits + IFI funding stood at
90.6% and Net Stable Funding Ratio (NSFR) stood at 129%
-
NPLs stood at 3.4%, down by 1.3 pp YoY and
stable QoQ
-
NPLs coverage stood at 84.3%, (at 219.3% with
collateral) (31 March 2017: 84.6%; 30 June 2016: 85.6%)
-
Total customer deposits stood at GEL 6,666.4
million as of 30 June 2017, up by 56.1% YoY (up by 43.3% YoY to
6,116.9 million without the Bank Republic estimated contribution)
and up by 9.8% QoQ
-
Regulatory tier I and total capital adequacy
ratios stood at 10.8% and 14.6% respectively
Additional
Information Disclosure
The following materials in
connection with TBC PLC's financial results are disclosed on our
Investor Relations website on http://tbcbankgroup.com/ under
Results Announcement section:
For further enquiries, please contact:
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About TBC Bank Group PLC ("TBC
PLC")
TBC PLC is a public limited company registered in
England and Wales that was incorporated in February 2016. TBC PLC
became the parent company of JSC TBC Bank ("TBC Bank") on 10 August
2016. TBC PLC is listed on the London Stock Exchange under the
symbol TBCG.
TBC Bank, together with its
subsidiaries, is the leading universal banking group in Georgia,
with a total market share of 38.0% of loans and 39.8% of
non-banking deposits as at 30 June 2017, according to the data
published by the National Bank of Georgia.
[1] Excluding
one-off items
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: TBC Bank PLC via Globenewswire
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